The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the quarter ended September 30, 2012.
Profit & loss account
- Standalone profit before tax increased 32% to Rs 2,685 crore (US$ 508 million) for the quarter ended September 30, 2012 (Q2-2013) from Rs 2,035 crore (US$ 385 million) for the quarter ended September 30, 2011 (Q2-2012).
- Standalone profit after tax increased 30% to Rs 1,956 crore (US$ 370 million) for Q2-2013 from Rs 1,503 crore (US$ 284 million) for Q2-2012.
- Net interest income increased 35% to Rs 3,371 crore (US$ 638 million) in Q2-2013 from Rs 2,506 crore (US$ 474 million) in Q2-2012.
- Net interest margin improved to 3.00% for Q2-2013 from 2.61% for Q2-2012.
- Non-interest income increased by 17% to Rs 2,043 crore (US$ 387 million) in Q2-2013 from Rs 1,740 crore (US$ 329 million) in Q2-2012.
- Cost-to-income ratio reduced to 40.9% in Q2-2013 from 44.4% in Q2-2012.
- Provisions were at Rs 508 crore (US$ 96 million) in Q2-2013 compared to Rs 319 crore (US$ 60 million) in Q2-2012 and Rs 466 crore (US$ 88 million) in Q1-2013.
- Return on average assets (annualised) was 1.59% in Q2-2013 compared to 1.41% in Q2-2012.
The Bank has continued with its strategy of pursuing profitable growth. The Bank has grown its retail lending volumes, resulting in an improvement in retail loan portfolio growth. The Bank continued to leverage its strong corporate franchise, its international presence and its branch network in India. At September 30, 2012, the Bank had 2,772 branches, the largest branch network among private sector banks in the country. The Bank has also increased its ATM network to 10,006 ATMs at September 30, 2012 as compared to 6,913 at September 30, 2011.
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